The IPO Issuance Rate In The A Share Market Is Still Beyond Market Expectations.

Since the second half of last year, the rhythm of IPO issuance in the A share market has improved significantly. After last November, the rhythm of A share IPO issuance was adjusted to the batches of every Monday. As a result, the number of A approved IPO shares increased significantly, while the monthly financing scale also rose.

In 2017, the rhythm of IPO issuance in the A share market did not show signs of slowing down, and continued the rhythm of distribution after November last year. In the meantime, although there has been a slight slowdown in the pace of IPO issuance after the Spring Festival this year, in the final analysis, it is still the effect of the post holiday effect and the supplementary annual reports of enterprises. After March, the rhythm of A share IPO issuance remains high.

This year, the A share market has experienced a quarter of the spanaction time. However, judging from the IPO situation of the past quarter, it still maintained a high level of growth, and a significant increase in the number of IPO in the first quarter of 2016.

At the same time, from the perspective of the larger IPO, the number of entrepreneurs over 1 billion yuan has increased, and the market pressure of blood withdrawal is still undiminished. As for the situation that many enterprises will not be passed on the IPO during the year, and overall, the pace of IPO issuance is accelerating, and IPO auditing is becoming more stringent.

However, compared with IPO, the intensity of stock refinancing has been significantly higher than that of IPO in recent years. financing However, with the emergence of new measures such as refinancing, it has dealt a blow to the phenomenon of listed companies' refinancing and misappropriating money, and has relieved the pressure of the whole stock market to a certain extent.

In recent months, the rhythm of IPO issuance in the A share market has improved significantly, but the IPO barrier lake problem still exists, and has not obtained the substantive flood discharge effect. Among them, as of March 30th this year, the SFC accepted the first 644 enterprises, 40 had been passed, not 604, A shares market IPO problem is still grim.

Although there is still a certain gap between the issuing methods and the A share market, the current A-share market seems to have entered a similar registration system ahead of schedule. No matter from the rhythm of IPO release or from the scale of monthly financing, the current A share market's IPO issuance speed is still beyond market expectations.

In the past, whenever the market talked about IPO or registration system, it would be more or less affected by psychological level. However, looking at the stock market performance since the second half of last year, the pace of IPO issuance has accelerated. equity market The impact seems to slow down slightly, but in general, its impact on market psychology is greater than the actual impact.

Among them, the new financing of refinancing and the further improvement of the reduction rules are expected to alleviate the pace of IPO issuance. Throughout the past few years, the size of the A share market has been more than trillions of financing and refinancing, while the average annual financing scale of IPO is over 100 billion. But the intensity of refinancing is even more fierce. The market even uses "refinancing fiercer than tiger" to describe the strange phenomena of stock market misappropriation in the past years.

Moreover, the new regulation of IPO has cancelled the prepayment purchase mode and replaced it with the form of payment after determining the number of placements. At the same time, combined with the factors of market value distribution, the further promotion of the new IPO rules has easily locked a part of market liquidity and has a positive impact on the market's continued stability.

In addition, under the influence of national team funds, the overall operation range of stock market has been shrinking, and when the stock market is in the process of speeding up, the moderate increase of IPO issuing rhythm and the raising of monthly average financing scale indirectly play a role in suppressing index and accelerating the uplink. As for the market to accelerate the downlink, it is through the national team's financial support and reduction. IPO The amount of issuance to achieve the purpose of stabilizing the market, greatly reducing the market volatility level.

The rhythm of the IPO issue in the A share market has gradually evolved to a batch distribution speed on Monday, and has lasted for many months. For the time being, the impact of the pace of IPO issuance on market psychology still exists, but as the market gradually adapts to the new release rhythm, the market's fear of IPO also decreases.

However, for the healthy development of the stock market, we still need to maintain the balanced development of the stock market's investment and financing functions, and the recent efforts to encourage the cash dividends of listed companies will be an important move to boost the return on investment in the market. However, for the rhythm of IPO issuance in stock market, it still needs a moderate amount. It is not advisable to adjust flexibly according to the market environment.

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